Fewer New Harvard Grads Head to Wall Street, Consulting

The number of graduating Harvard seniors entering finance and consulting has fallen by half in the past year, the Harvard Crimson’s annual survey found. About one fifth of all seniors seeking full-time employment are taking jobs in one of the two sectors.

The number of seniors entering finance and consulting has fallen from 47% in 2007 to 39% in 2008 to 20% for the current Class of 2009. The financial sector saw the largest reduction, falling from 23% to 11.5%, while the share of seniors entering consulting fell from 16% to 8.5%.

The strong trend away from finance and consulting reflects the economic and financial crisis, which has hit firms such as Lehman Brothers and Merrill Lynch, two companies that had actively recruited at Harvard in the past.

More seniors indicated that they plan to work in the fields of education and health care. The large increase in the number of seniors entering education — from 10% to 15% in the past year — likely reflects the popularity of programs like Teach for America, which received applications from a record-setting 14% of Harvard seniors, according to data released by the organization. Similarly, the number of people entering health care doubled, rising from 6% last year to 12% this year. The share of students who will be immediately attending graduate school also increased, rising from 21% to 25%.

The worsening economy also took its toll on Harvard job seekers, as the number of students intending to work who already have jobs lined up fell from 66% last year to 59%.

The Crimson’s survey of the Class of 2009 was conducted through a secure Web site that ensured only one response per senior. Over 500 members of the Class of 2009 responded to the survey between May 26 and May 28, 2009.